Broker ForbsLab is operational from the offshore that offers four trading accounts. The only trading condition mentioned on the broker’s official website is provided leverages on every trading accounts. The ForbsLab is an unregulated broker with red-flagged by many Financial Regulators. In this ForbsLab review, we will discuss the weak and strong aspects of this broker. Readers are requested to completely read this review to get acquainted with all the aspects of ForbsLab.
The broker allegedly claims to provide generous leverages from 1:100 to 1:400 range depending upon the type of trading account. The tradable assets provided are forex pairs, commodities, stocks, indexes, and cryptos. The CFDs are offered on the above trading assets. We wanted to fact-check brokers claims; unfortunately, no demo account is provided, and our registration on the live account failed.
The broker’s official website informs us about two companies, Walsh Invest & Trade LTD and Kayescent Corp., both of them registered on the British Virgin Islands. The British Virgin Islands is a red-flagged zone, and brokers from here are not licensed. The area above also does not come under any financial watchdog. Most of the brokers operational from offshore are scams.
Furthermore, the website also provides a Luxembourg based operational address. Unlike any other broker operational from EU territory, they must be regulated by any of the local financial authority. Luxemburough’s local financial body Commission de Surveillance du Secteur Financier – CSSF and Spanish local financial body Comision Nacional del Mercado de Valores – CNMV blacklisted ForbsLab for targeting traders in their territories.
Furthermore, there is a lack of trading conditions information on ForbsLab’s official website. Only provided leverages are mentioned, and no other crucial information such as spreads, minimum deposit required, cost of trading is provided. Also, the broker’s charges are salty. The monthly service charge is from 1% to 10% depending upon the trading account. Also, the withdrawal limit is capped minimum at 250 Euros. All this fact is unfavourable to traders.
Is ForbsLab scam or legit?
The offerings of ForbsLab are unclear, and it is an unregulated broker. There are several warnings issued against it by financial bodies like CSSF and CNMV. Leverages offered are high. All the above information leads us to believe that the broker is involved in some sort of scam. Traders need to be alert if they came across ForbsLab. In our view, ForbsLab is a potential Australian trading scam.